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China Daily / 2020-06 / 30 / Page013

Fuel price hikes to help refiners recover

By ZHENG XIN | CHINA DAILY | Updated: 2020-06-30 00:00

China raised the retail prices of gasoline and diesel for the first time this year from Monday, with gasoline prices going up by 120 yuan ($17) per metric ton and diesel by 110 yuan per ton, the National Development and Reform Commission said.

Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of $40 or above the ceiling of $130 a barrel.

As the global oil price has rebounded to $40 per barrel recently and is expected to stay there, gas stations and refiners in China will benefit from the oil price rebound, said experts.

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